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At what amount should the notes payable be shown

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Question: 1. On May 1, 2019, the Rounger Corporation purchased two new cars from Honda Corporation. The terms of the sale called for Rounger to pay P3,924,000 on April 30, 2020. Rounger issued Honda a non-interest bearing note for this amount. At the date of the purchase, the interest rate for short term loans of this type was 9%. Requirement:

a. Give the journal entries on May 1, 2019, December 31, 2019 and April 30, 2020.

b. At what amount should the Notes payable be shown on the December 31 balance sheet of Rounger Corporation?

Reference no: EM132736155

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